Lawmakers Face 1st Vote on ‘Millionaire’ Tax Amendment

massachusetts-state-house-300x198BOSTON (AP) — A tax on the wealthiest Massachusetts residents is facing its first vote in the Legislature.

The so-called “millionaire tax” is scheduled to come up when lawmakers hold a joint constitutional convention on Wednesday.

The measure would impose a surtax of 4 percent on any portion of annual income that exceeds $1 million, and earmark the additional revenue for education and transportation. The tax would be levied on top of the state’s regular 5.1 percent income tax.

Democratic Senate President Stan Rosenberg says he expects the proposed constitutional amendment to advance.

It needs the backing of at least 50 of the state’s 200 legislators to move on to a second vote. The earliest it could go before voters for ratification is 2018.

Critics say the tax could hurt the state’s business climate.

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